Chancellor announces financial services deals in Beijing

This news article was published under
the 2010 to 2015 Conservative and Liberal Democrat coalition government

In Beijing today the Chancellor George Osborne announced the completion of financial services deals with Chinese companies.

In Beijing today the Chancellor George Osborne announced the completion of financial services deals with Chinese companies.

The deals announced in Beijing are:

A Royal Bank of Scotland joint venture with Guolian Securities, allowing RBS entry into the Chinese securities market. This is the first such joint venture by a UK bank and will enable RBS to participate in underwriting Chinese stock market listings.

Aberdeen Asset Management’s authorisation to offer £200m per year of asset management services to Chinese clients.

The announcements were made at the conclusion of the third annual UK-China Economic and Financial Dialogue (EFD) held in Beijing on 9 November 2010.

The EFD also agreed that the UK would be China’s partner of choice on financial services cooperation, building upon the UK’s major presence in the Chinese financial services sector. UK banks already account for 25% of foreign banking in China.

Further progress was also made on a bancasurrance partnership between Standard Life and the Bank of China, which is subject to the final conclusion of commercial negotiations.

In addition to the agreements on financial services, the EFD also covered trade, green investment and energy.

Notes for Editors

The EFD is chaired by the Chancellor of the Exchequer. Also in attendance at the EFD were the Secretaries of State for Business Innovation and Skills, Vince Cable and Energy and Climate Change Chris Huhne, along with senior officials from the Bank of England and the Financial Services Authorities.

The Chancellor and his Cabinet colleagues are in China as part of the Prime Minister’s UK-China summit. They are accompanied by a 50-strong business delegation.